Worst to First Fiscal Status

When I was first elected to serve as County Executive, the New York State Comptroller’s Office listed Rockland as the most fiscally stressed County in the entire state and our bond rating was one step above junk status. Now, Rockland is one of the fiscally strongest counties in the entire state, literally transforming from worst to first in only 8 years.

Last week I was proud to announce that Moody’s Investors Service upgraded the County’s issuer and general obligation limited tax (GOLT) ratings to Aa1 from Aa2, which means Rockland is now one of the financially strongest counties in New York State.

Here is a direct quote from Moody’s Investors Service about what this upgrade means:

“The upgrade to Aa1 reflects a reserve position that continues to improve. Strong management and budgeting is driving the improved reserves. The rating further reflects a significant tax base, above-average socioeconomic profile, and a manageable long-term liability profile.”

Bond ratings define a borrower’s credit risk to lenders. The top rating Rockland has achieved indicates the County is low risk to lenders, which will allow Rockland to secure the lowest interest rates on borrowing across in the state and the country.

This superlative bond rating will assist the County in absorbing rising costs without busting the budget and raising taxes.

This turnaround has been repeatedly called “remarkable” and that includes our New York State Comptroller Tom DiNapoli who I spoke with last week, when he offered congratulations. His Office has also extremely helpful over the past 8 years in providing guidance that helped us navigate the turbulent fiscal times we were in when I came into office.

Rockland’s increased rating is attributed to improved financial stability through maintaining a balanced budget along with adequate cash reserves, which allow the County to weather financial storms.

I want to thank the Rockland County Legislature for their help with this accomplishment and acknowledge Rockland Finance Commissioner Stephen DeGroat and Budget Director Steve Grogan for their tireless efforts to save taxpayer dollars. Our improved financial situation will enable us to take on needed infrastructure improvements, including the completion of our new highway garage this Fall.